7 Compensation Management Pitfalls to Avoid
Discover the 7 pitfalls of compensation management and how to avoid them. Boost morale, increase retention, and reduce costly turnover.
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In this guide, we dive into tips on navigating regulations, salary ranges, employee communications, and more so your company can implement pay transparency successfully.
Learn what companies are thinking when they build out your compensation package, with a brief intro to the concepts of compensation philosophy and total rewards.
Learn how companies set salaries, with an overview of the complex factors that influence pay, including market data, performance, and supply and demand.
Your salary (or base pay) is an important component of your compensation, but don't overlook the other valuable elements of your total rewards package.
Your salary (or base pay) is an important component of your compensation, but don't overlook the other valuable elements of your total rewards package.
Harvard Business Review
Even if your company isn’t being impacted by pay transparency regulations today, you may be “forced” to do so by the expectations (or demands) from employees and candidates: a Pay Clarity Survey found that 17% of organizations are already disclosing pay range information, and 62% are planning or considering disclosing salary information in the future—even if they’re not required to by law.
The problem? About a third of companies don’t feel they’re in a position to share salary ranges. Administrative complexity (30%), lack of clear job architecture (25%), and employee reactions (46%) are the top reasons for holding back.